Cuomo Said to Seek $400 Million to Buy New York Beachfront Homes

Source: Bloomberg

Governor Andrew Cuomo wants to use $400 million in federal funding to buy beachfront homes as he seeks to reshape the New York coastline so the state is better prepared for storms like Hurricane Sandy.

The cash would come from the $51 billion Congress approved last month to help the region recover from the Oct. 29 storm, which destroyed or damaged more than 300,000 homes in the state, according to an administration official briefed on the plan who requested anonymity because Cuomo hasnít announced it. The governor would use the money to pay owners the pre-storm value of their homes.

Once sold, the houses would be razed and the land would remain vacant. The program is part of a wider effort to reshape the coastline that Cuomo proposed in his January State of the State address. The 55-year-old Democrat also wants to build dunes, wetlands and other natural barriers.

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About 10,000 homes in the 100-year flood plain that were damaged by Sandy would qualify for buyouts, and the Cuomo administration said it expects between 10 and 15 percent to take the option, said the administration official.

6. Absolutely. Bear in mind that as the Greenland ice sheet melts (when, not if)

sea levels will rise 27 freaking feet globally.

That won't happen overnight because that sheet is more than a mile think. It might take hundreds of years to disappear completely, but warming is happening much faster than the predictions of just 15 years ago. We are already at the levels projected for 2040 or 2050.

I disagree with the idea of offering them the full pre-storm price. The offer should be discounted by the damage. It is not the taxpayer's responsibility to insure these people against storm losses. If they didn't carry adequate insurance, screw them.

FEMA is limited to allocate 15% of overall funding (by state and disaster) so $400 million sounds roughly in the ballpark. The program also funds other projects, too, though, and $400 million will not go far in property acquisition in this part of the country. Not far at all.

7. And then the Repubs will sell the land to developers for the very, very rich. nt

8. Not if the money goes through FEMA.

There are covenants that require it to stay in public hands I think. Finding local agencies to accept the property can be one of the obstacles to getting the deals done. And then there's demo, cultural and environmental review, and cost/benefit analysis... It's a Process.